Stochastic process

Stochastic process, in probability theory, a process involving the operation of chance. For example, in radioactive decay every atom is subject to a fixed probability of breaking down in any given time interval. More generally, a stochastic process refers to a family of random variablesindexed against some other variable or set of variables. It is one of the most general objects of study in probability. Some basic types of stochastic processes include Markov processes, Poisson processes (such as radioactive decay), and time series, with the index variable referring to time. This indexing can be either discrete or continuous, the interest being in the nature of changes of the variables with respect to time.

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a branch of mathematics concerned with the analysis of random phenomena. The outcome of a random event cannot be determined before it occurs, but it may be any one of several possible outcomes. The actual outcome is considered to be determined by chance.

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In statistics, a function that can take on either a finite number of values, each with an associated probability, or an infinite number of values, whose probabilities are summarized by a density function. Used in studying chance events, it is defined so as to account for all possible outcomes of...